Storage levels inch closer to 2009 highs
Injection slightly above expectations – The EIA reported a natural gas injection of 67 bcf, slightly above expectations (as per Bloomberg) of 64 bcf. For the comparable week, injections last year were 29 bcf with the five-year average injections at 26 bcf. Total storage now sits at 3,821 bcf, 1% above last year’s level of 3,784 bcf, and 10% above the five-year average of 3,468 bcf.
Storage levels inch closer to record levels set in 2009 – The 67 bcf injection this week puts us only 16 bcf below record storage levels set in late November 2009. Looking ahead, above average temperatures forecasted for the eastern consuming regions should dominate the below average temperatures forecasted for the western consuming regions. As a result, next week’s storage numbers may indeed surpass the all time natural gas storage record set in 2009.